Here’s a city-by-city breakdown, based on Knight Frank’s 2025 report, showing how much prime real estate $1 million buys- and how that’s changed since 2014.
Based on Knight Frank’s 2025 Wealth Report, here’s a city-by-city look at how much prime space $1 million gets you—and how that’s changed over the last decade.
Monaco: 205 Square Feet (19 sqm)
Monaco remains the world’s most expensive residential market. For $1 million, buyers receive only 205 square feet- barely enough for a compact studio or hotel room. At nearly $4,880 per square foot, space here is at an ultimate premium.
The microstate’s appeal lies in its tax-free status, Mediterranean luxury, and ultra-limited supply. Monaco attracts the global elite, where exclusivity matters more than size.
Comparative Insight: In 2014, $1 million bought 18 sqm. In 2024, it bought 19 sqm—a 5% increase in buying power.
Hong Kong: 237 Square Feet (22 sqm)
In Hong Kong, $1 million gets you just 237 square feet. This equates to approximately $4,219 per square foot, making it one of the priciest urban markets globally.
High population density, minimal buildable land, and its position as Asia’s financial capital keep demand strong. Even with economic shifts, the city remains a magnet for capital.
Comparative Insight: : In 2014, $1 million bought 23 sqm. In 2024, it bought 22 sqm—a 4% decrease in buying power.
Singapore: 344 Square Feet (32 sqm)
Singapore offers 344 square feet for $1 million- enough for a modest one-bedroom in a prime district. With pricing around $2,907 per square foot, it’s among Southeast Asia’s most expensive cities.
The city’s appeal lies in its political stability, regional influence, and efficient infrastructure. It remains a top choice for investors seeking long-term value.
Comparative Insight: : In 2014, $1 million bought 41 sqm. In 2024, it bought 32 sqm—a 22% decrease in buying power.
Geneva: 355 Square Feet (33 sqm)
Geneva offers buyers 355 square feet of luxury space, with property values hovering near $2,820 per square foot. It delivers a balance of lakeside charm and global prestige.
As home to global institutions like the UN and WHO, Geneva draws high-income residents and international executives. Tightly controlled development keeps supply low.
Comparative Insight: : In 2014, $1 million bought 46 sqm. In 2024, it bought 33 sqm—a 27% decrease in buying power.
London: 366 Square Feet (34 sqm)
In London, $1 million now secures 366 square feet, with a per-square-foot average of $2,732. That space could mean a studio in Kensington or a compact one-bed in Canary Wharf.
The city’s global clout, paired with economic recalibrations, has expanded affordability slightly in recent years. Real estate here remains a reliable asset for international investors.
Comparison: In 2014, $1 million bought 23 sqm. In 2024, it bought 34 sqm—a 43% increase in buying power.
New York: 366 Square Feet (34 sqm)
New York matches London almost exactly, offering 366 square feet per $1 million. Manhattan remains the heart of high-value real estate, commanding prices around $2,732 per square foot.
A shortage of available land, a deep rental market, and continued foreign interest keep demand high. NYC real estate is seen globally as a long-term store of value.
Comparative Insight: : In 2014, $1 million bought 33 sqm. In 2024, it bought 34 sqm—a 2% increase in buying power.
Los Angeles: 398 Square Feet (37 sqm)
In LA, $1 million buys 398 square feet. That’s slightly more generous than other major global cities, at about $2,513 per square foot.
LA’s luxury market is resilient with oceanfront neighborhoods, warm climate, and strong celebrity pull. Prime coastal areas continue to drive the highest valuations.
Comparative Insight: : In 2014, $1 million bought 68 sqm. In 2024, it bought 37 sqm—a 46% decrease in buying power.
Paris: 452 Square Feet (42 sqm)
In Paris, $1 million secures 452 square feet, with rates averaging $2,212 per square foot. The French capital offers a unique mix of historical charm and long-term investment strength.
Tightly enforced preservation laws keep the new supply minimal. Buyers value the lifestyle, cultural richness, and architectural heritage that Paris consistently delivers.
Comparative Insight: : In 2014, $1 million bought 51 sqm. In 2024, it bought 42 sqm—an 18% decrease in buying power.
Shanghai: 474 Square Feet (44 sqm)
In Shanghai, $1 million buys 474 square feet- typically a mid-sized one-bedroom in a high-end building. At about $2,110 per square foot, it remains one of China’s most expensive cities.
The market is driven by affluent domestic buyers and limited new supply in core districts. Government policies aim to cool speculation, yet prime property stays highly competitive.
Comparative Insight: : In 2014, $1 million bought 83 sqm. In 2024, it bought 44 sqm—a 47% decrease in buying power.
Vienna: 484 Square Feet (45 sqm)
Vienna offers 484 square feet for $1 million, translating to around $2,066 per square foot. This Central European capital provides exceptional value relative to quality of life.
With its blend of heritage, modernity, and stability, Vienna attracts both lifestyle buyers and conservative investors. Prime areas around the Ringstrasse are in particularly high demand.
Comparative Insight: : In 2014, $1 million bought 53 sqm. In 2024, it bought 45 sqm—a 16% decrease in buying power.
Sydney: 484 Square Feet (45 sqm)
Sydney matches Vienna for space, delivering 484 square feet at roughly $2,066 per square foot. The city’s real estate continues to attract local and global capital.
Stunning coastal views, lifestyle appeal, and a robust job market make Sydney one of Australia’s top-performing property markets. Coastal scarcity contributes to pricing strength.
Comparative Insight: : In 2014, $1 million bought 67 sqm. In 2024, it bought 45 sqm—a 33% decrease in buying power.
Milan: 603 Square Feet (56 sqm)
Milan delivers the most space among these top-tier cities- 603 square feet for $1 million. With prices around $1,659 per square foot, it presents one of the best value propositions in Western Europe.
A booming design and finance scene has recently elevated Milan’s market. Urban renewal projects and modern developments have drawn growing international interest.
Comparative Insight: : In 2014, $1 million bought 54 sqm. In 2024, it bought 56 sqm—a 4% increase in purchasing power.
